Utmost International
Professional Portfolio Plan

The Professional Portfolio Plan (formerly known as Generali Worldwide Professional Portfolio Bond) is a single contribution, investment-linked, open-architecture product where the benefits are linked to the performance of a portfolio of investment assets.

Utmost International says that this plan is suitable if you have a medium to long-term investment outlook.

The minimum investment amount for the plan is US$150,000 (or currency equivalent) in a lump sum contribution or investment assets, or a combination of both.

Utmost International's Professional Portfolio Plan has two types:

1. Whole of Life Plan
2. Capital Redemption Plan

1. Whole of Life Plan:

In this type, the plan is written as a life insurance plan written on a whole-of life basis, which pays a death benefit in the event of death.

2. Capital Redemption Plan:

The Professional Portfolio Plan can be written as a capital redemption plan with a fixed term of 99 years after which a maturity benefit is paid.

Features of Utmost International's Professional Portfolio Plan:

• Once you have applied for it, they offer instant access to your plan details via their Online Service Centre.
• Planholder protection is offered through Guernsey’s ‘policyholder protection regime’.
• The Professional Portfolio Plan facilitates regular withdrawals.
• There are no fixed investment or notice periods imposed by Utmost Wealth Solutions but you must be aware that certain charges, e.g. early discontinuance charges, may apply on partial and/or full surrender and, in exceptional circumstances, delays may arise in the payment of benefits.
• Utmost claims that you can transfer many existing investments into the plan, invest cash, or a combination of both, and complement this by adding from a wide range of underlying investments.

Tax implications:

As stated by Utmost, because Professional Portfolio allows access to an extensive range of underlying investments, it can be classified as a ‘Personal Portfolio Bond’ under UK legislation and this can have implications for your tax position particularly if you become resident in the UK.

However, you can manage this risk by restricting the selection of underlying assets to the choice of investment instruments available which are permissible for a ‘pooled product’. 

Utmost says that the tax consequences that apply to your Professional Portfolio Plan will depend on many factors including your personal circumstances and the tax laws in your current (or future) country of residence and/or domicile.

We would recommend reading the expert verdict section of this review and getting a Second Opinion from a regulated financial planner.